Students suffocate under tens of thousands in loans

Students suffocate under tens of thousands in loans

From the article: "It comes as the average graduate owes $19,000. Many undergrads, though, have debt exceeding $40,000.

Those higher payments carry huge implications for this generation of college graduates. The weight of debt is forcing many to put off saving for retirement, getting married, buying homes and putting aside money for their own children's educations.

Heavy student debts may also keep young adults from starting businesses, says Diana Cantor, director of the Virginia College Savings Plan. Some graduates will refuse to risk what little money they have on entrepreneurial ventures. And securing loans will now be harder. "It's a real crisis," Cantor says. "You're strapped before you get started."